A career as a full-time freelancer sounds really good, in theory. However, it’s not as easy as you might think it to be. Being a full-time freelancer means no stable income, no workplace-provided insurance plans, no workplace health benefits, and so on. Despite that, there are still many who make it big working freelance full-time, so how do they do it?
In this article, we’ll provide you with a five-step guide for planning your career as a full-time freelancer.
#1 Define Your Goals and Values
The first step in planning your career as a full-time freelancer is to define your goals and values. What do you hope to achieve as a freelancer? Are you looking for more flexibility, autonomy, or the opportunity to work on projects that align with your passions? Take some time to reflect on what matters most to you and how freelancing can help you achieve those goals.
You must also consider your financial needs and set realistic income goals. Freelancing can offer great earning potential, but it may take time to build a steady stream of clients and projects. Assess your current financial situation and determine how much income you need to cover your expenses and maintain a comfortable lifestyle.
#2 Identify Your Niche
The freelance market is very competitive. If you want to be successful here, you must identify your niche and develop your skills and expertise around it. For that, you can consider your academic background or previous work experience. If you can afford the time, you might even be able to develop an entirely new skill and make it your niche or main area of work.
According to Indeed, graphic designing, copywriting, search engine optimization (SEO) services, photography, programming, videography, and data entry are some of the most popular freelance jobs in the world. That means these niches offer more job opportunities. However, it also means that you’ll face a lot of competition trying to secure gigs within these niches.
If you want to pick a niche that pays more, Upwork recommends you opt for freelance jobs like business consultancy, public relations management, data analysis, copywriting, app or web development, and digital marketing. Since these jobs pay more, they will likely require more working hours, experience, and advanced skills in their respective fields.
#3 Build Your Network
Networking is essential for freelancers. As a full-time freelancer, you’ll be responsible for finding and securing clients on your own. Building a strong professional network can significantly increase your chances of finding new opportunities and referrals.
Start by reaching out to your existing network, including colleagues, friends, and former clients, and let them know about your transition to full-time freelancing. Attend industry events, join relevant online communities, and participate in networking activities. Establishing relationships with fellow freelancers, potential clients, and industry influencers can open doors to new projects and collaborations.
LinkedIn, too, is a great place for building your network, according to Forbes. It is the world’s largest professional network and provides an opportunity for you to not only connect with employers but also with other freelancers. In doing so, you can build your network and learn from like-minded freelancers.
#4 Create a Financial Plan
As a full-time freelancer, managing your finances is of utmost importance. Without the security of a regular paycheck, it’s crucial to create a financial plan that accounts for your income, expenses, taxes, and savings.
Always put aside a portion of your freelance income for emergency purposes. If you have a decent income, you can put aside a separate portion of the income as savings. You have to decide on all these portions after you’ve got a good understanding of how much money you make per month and how much you spend on monthly expenses. For that, take four or five months, calculate your earnings and spending, and then decide on how much you should save.
As for life after retirement, opt for a self-employed 401(k) plan. These plans help you plan a stress-free retirement as you continue working as a full-time freelancer. Therefore, your financial plan must include a 401(k), especially if you’re concerned about the future.
According to the Fischer Investment Strategies, the self-employed 401(k) plan is also popular for its tax advantages and higher contribution limits. Thus, there’s no reason why you should not take this opportunity and opt for this plan.
#5 Develop Your Online Presence
In today’s digital age, you must build a strong online presence if you want to succeed as a freelancer. That means apart from your Connections on LinkedIn, you also need to market yourself in various other ways.
Start by getting your own website that showcases your profile, experience, skills, and portfolio. If you can’t afford to do that, sign up for websites that will showcase your portfolio for you, like Dribble or Contently. You should also open social media pages on platforms like Facebook and Instagram, as well as a Google Business page.
Conclusion
If you want to work as a full-time freelancer, know that there will be a lot of challenges ahead. However, as long as you stick to this guide, navigating the challenges won’t be difficult at all. Planning is everything, as you can tell from our discussion above, and if you can plan it right, making it big as a full-time freelancer is very easily achievable.
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